Remarrying is likely one of the most exciting moments in your life. With this, it is important that you and your new spouse determine how you will handle the various aspects of your financial life. And though this may not be the most romantic conversation, you must be wise before entering into this lifelong commitment. Continue reading to learn what financial considerations you and your new spouse must discuss before remarrying and how an experienced Nassau County prenuptial agreement lawyer of Barrows Levy PLLC can help you coordinate any necessary legal agreements.
What financial considerations should I have before remarrying?
Below is a comprehensive list of financial considerations you and your new spouse should have before entering into your marriage:
- Determine your financial risks: you and your new spouse should be transparent about whether you have any credit card debt, student loan debt, or any other outstanding financial obligations. With this, you should make a plan as to have you will handle these debts once you are married.
- Create a prenuptial agreement: contrary to popular belief, this agreement does more than draft a plan in the event of a divorce. Rather, this agreement can state how your finances will be managed once you are married (i.e., whether your and your new spouse’s incomes will be combined to pay household bills, how future inheritances will be distributed, etc). If you already remarried, you can always write up a postnuptial agreement.
- Update your estate plan: if you want your children from your previous marriage to take ownership of certain assets instead of your new spouse, you must make it a point to update your will, retirement accounts, life insurance policies, etc.
Will I still receive alimony after remarrying?
Before remarrying, you must understand that the alimony payments you receive from your former spouse were never intended to be permanent. Rather, this was supposed to be temporary financial assistance, to compensate for the financial support your spouse provided during the marriage, until you were financially independent again.
So, upon hearing about your remarriage, your former spouse may file a petition for a post-judgment modification so that they can terminate their alimony payments to you. Specifically, they can use the argument that your new spouse can now provide you with the financial support that you require.
You must make this a financial consideration when remarrying, but equally important, you must retain the services of a skilled Nassau County post-judgment modification lawyer. Pick up the phone and give us a call today.
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If you need a Nassau County lawyer who has significant experience handling family and estate planning matters, contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today.
